Legal claims defining the scope of protection. Each claim is shown in both the original legal language and a plain English translation.
1. A method comprising: (a) providing a posting market center having an internal book and having a guarantee order book populated with a plurality of guarantee sell orders each having a price and size; (a) receiving by a computer in a computing system a directed buy order on a posting market center, the directed buy order having a price and size and the posting market center having an internal book a guarantee order book populated with a plurality of guarantee sell orders each having a price and size; (b) determining by the computer computing system a best guarantee sell order, wherein the best guarantee sell order has the lowest price of the plurality of guarantee sell orders; (c) retrieving by the computer computing system a national best bid and offer; (d) determining by the computer computing system whether the best guarantee sell order is lower than the national best offer; (e) responsive to determining that the best guarantee sell order is lower than the national best offer: (e)(i) determining by the computer computing system whether the posting market center allows guarantee sell orders to execute at prices lower than the national best offer; (e)(ii) responsive to determining that the posting market center allows guarantee sell orders to execute at prices lower than the national best offer: (e)(ii)(a) setting by the computer computing system a directed cross price parameter to the best guarantee sell order's price; (e)(iii) responsive to determining that the posting market center does not allow guarantee sell orders to execute at prices lower than the national best offer: (e)(iii)(a) setting by the computer computing system the directed cross price parameter to the national best offer; (f) responsive to determining that the best guarantee sell order is not lower than the national best offer: (f)(i) setting by the computer computing system the directed cross price parameter to the best guarantee sell order's price; (g) determining by the computer computing system whether the directed buy order's price is greater than or equal to the directed cross price parameter; (h) responsive to determining that the directed buy order's price is not greater than or equal to the directed cross price parameter: (h)(i) processing by the computer computing system the directed buy order as a non-directed buy order in the posting market center's continuous order matching process; (i) responsive to determining that the directed buy order's price is greater than or equal to the directed cross price parameter: (i)(i) determining by the computer computing system whether the directed cross price parameter is greater than the national best bid; (j)(ii) responsive to determining that the directed cross price parameter is not greater than the national best bid; (j)(ii)(a) determining by the computer computing system whether the posting market center allows adjustment of the directed cross price parameter; (j)(ii)(c) responsive to determining that the posting market center does not allow adjustment of the directed cross price parameter: (j)(ii)(c)(i) processing by the computer computing system the directed buy order as a non-directed buy order in the posting market center's continuous order matching process; (k) determining by the computer computing system whether the directed buy order's size is greater than or equal to the best guarantee sell order's size; (l) responsive to determining that the directed buy order's size is not greater than or equal to the best guarantee sell order's size: (l)(i) pulling retrieving by the computer computing system a portion of the best guarantee sell order equal to the directed buy order's size; (l)(ii) setting by the computer computing system a maximum cross quantity parameter equal to the directed buy order's size; (m) responsive to determining that the directed buy order's size is greater than or equal to the best guarantee sell order's size: (m)(i) pulling retrieving by the computer computing system the best guarantee sell order; (m)(ii) setting by the computer computing system the maximum cross quantity parameter equal to the best guarantee sell order's size; (n) appending by the computer computing system a matched sell instruction to the directed buy order, wherein the matched sell instruction includes the directed cross price and maximum cross quantity parameters; (o) ranking by the computer computing system the best guarantee sell order in the internal book according to a price/time priority of the directed cross price parameter; and (p) presenting sending by the computer computing system the directed buy order to the internal book.
A method for matching directed buy orders in a market center uses a computer system with an internal order book and a guarantee order book containing guaranteed sell orders with prices and sizes. When a directed buy order is received, the system identifies the best (lowest price) guaranteed sell order. It then compares the best guaranteed sell order's price to the national best offer (NBO). Based on market center rules, a directed cross price is set either to the guaranteed sell order's price or the NBO. If the buy order's price meets or exceeds this cross price, and if the cross price is no better than the national best bid, the system determines the amount to be crossed, appends instructions, and posts the buy order with the matched sell interest to the internal book, ranking the guarantee order by time/price priority. If the directed buy order price is not met, the order is treated as a non-directed order.
2. A system, comprising: an internal book and a guarantee order book populated with a plurality of guarantee sell orders each having a price and size; at least one interface to a computer in a computing system for receiving orders, including directed orders; at least one memory for storing code for analyzing and matching directed orders in a posting market center; at least one computer computing system processor for interacting with the interface to the computer computing system and executing the code for analyzing and matching directed orders, wherein the code, when executed: (a) receives a directed buy order having a price and size; (b) determines a best guarantee sell order, wherein the best guarantee sell order has the lowest price of the plurality of guarantee sell orders; (c) retrieves a national best bid and offer; (d) determines whether the best guarantee sell order is lower than the national best offer; (e) responsive to determining that the best guarantee sell order is lower than the national best offer: (e)(i) determines whether the posting market center allows guarantee sell orders to execute at prices lower than the national best offer; (e)(ii) responsive to determining that the posting market center allows guarantee sell orders to execute at prices lower than the national best offer: (e)(ii)(a) sets a directed cross price parameter to the best guarantee sell order's price; (e)(iii) responsive to determining that the posting market center does not allow guarantee sell orders to execute at prices lower than the national best offer: (e)(iii)(a) sets the directed cross price parameter to the national best offer; (f) responsive to determining that the best guarantee sell order is not lower than the national best offer: (f)(i) sets the directed cross price parameter to the best guarantee sell order's price; (g) determines whether the directed buy order's price is greater than or equal to the directed cross price parameter; (h) responsive to determining that the directed buy order's price is not greater than or equal to the directed cross price parameter: (h)(i) processes the directed buy order as a non-directed buy order in the posting market center's continuous order matching process; (i) responsive to determining that the directed buy order's price is greater than or equal to the directed cross price parameter: (i)(i) determines whether the directed cross price parameter is greater than the national best bid; (i)(ii) responsive to determining that the directed cross price parameter is not greater than the national best bid; (i)(ii)(a) determines whether the posting market center allows adjustment of the directed cross price parameter; (i)(ii)(c) responsive to determining that the posting market center does not allow adjustment of the directed cross price parameter: (i)(ii)(c)(i) processes the directed buy order as a non-directed buy order in the posting market center's continuous order matching process; (j) determines whether the directed buy order's size is greater than or equal to the best guarantee sell order's size; (k) responsive to determining that the directed buy order's size is not greater than or equal to the best guarantee sell order's size: (k)(i) retrieves a portion of the best guarantee sell order equal to the directed buy order's size; (k)(ii) sets a maximum cross quantity parameter equal to the directed buy order's size; (l) responsive to determining that the directed buy order's size is greater than or equal to the best guarantee sell order's size: (l)(i) retrieves the best guarantee sell order; (l)(ii) sets the maximum cross quantity parameter equal to the best guarantee sell order's size; (m) appends a matched sell instruction to the directed buy order, wherein the matched sell instruction includes the directed cross price and maximum cross quantity parameters; (n) ranks the best guarantee sell order in the internal book according to a price/time priority of the directed cross price parameter; and (o) presents sends the directed buy order to the internal book.
A market center system matches directed buy orders. It includes an internal order book and a guarantee order book of guaranteed sell orders. A computer system receives directed buy orders, finds the best (lowest price) guaranteed sell order, and compares its price to the national best offer (NBO). A "directed cross price" is set based on market rules: either the guaranteed sell order's price or the NBO. If the buy order's price meets or exceeds the cross price, and the cross price is no better than the national best bid, the system matches a portion of the guarantee order with the incoming directed buy order based on size. The combined order is placed into the internal book, with the matched sell order ranked by price/time priority. If the initial directed buy order price is not met or center rules do not permit, the order defaults to a regular, non-directed order.
3. A method comprising: (a) providing a posting market center having an internal book and having a guarantee order book populated with a plurality of guarantee buy orders each having a price and size; (a) receiving by a computer in a computing system a directed sell order on the posting market center, the directed sell order having a price and size and the posting market center having an internal book and a guarantee order book populated with a plurality of guarantee buy orders each having a price and size; (b) determining by the computer computing system a best guarantee buy order, wherein the best guarantee buy order has the highest price of the plurality of guarantee buy orders; (c) retrieving by the computer computing system a national best bid and offer; (d) determining by the computer computing system whether the best guarantee buy order is higher than the national best offer; (e) responsive to determining that the best guarantee buy order is higher than the national best bid: (e)(i) determining by the computer computing system whether the posting market center allows guarantee buy orders to execute at prices higher than the national best bid; (e)(ii) responsive to determining that the posting market center allows guarantee buy orders to execute at prices higher than the national best bid: (e)(ii)(a) setting by the computer computing system a directed cross price parameter to the best guarantee buy order's price; (e)(iii) responsive to determining that the posting market center does not allow guarantee buy orders to execute at prices higher than the national best bid: (e)(iii)(a) setting by the computer computing system the directed cross price parameter to the national best bid; (f) responsive to determining that the best guarantee buy order is not higher than the national best bid: (f)(i) setting by the computer computing system the directed cross price parameter to the best guarantee buy order's price; (g) determining by the computer computing system whether the directed sell order's price is less than or equal to the directed cross price parameter; (h) responsive to determining that the directed sell order's price is not less than or equal to the directed cross price parameter: (h)(i) processing by the computer computing system the directed sell order as a non-directed sell order in the posting market center's continuous order matching process; (i) responsive to determining that the directed sell order's price is less than or equal to the directed cross price parameter: (i)(i) determining by the computer computing system whether the directed cross price parameter is less than the national best offer; (i)(ii) responsive to determining that the directed cross price parameter is not less than the national best offer: (i)(ii)(a) determining by the computer computing system whether the posting market center allows adjustment of the directed cross price parameter; (i)(ii)(c) responsive to determining that the posting market center does not allow adjustment of the directed cross price parameter: (i)(ii)(c)(i) processing by the computer computing system the directed sell order as a non-directed sell order in the posting market center's continuous order matching process; (j) determining by the computer computing system whether the directed sell order's size is greater than or equal to the best guarantee buy order's size; (k) responsive to determining that the directed sell order's size is not greater than or equal to the best guarantee buy order's size: (k)(i) pulling retrieving by the computer computing system a portion of the best guarantee buy order equal to the directed sell order's size; (k)(ii) setting by the computer computing system a maximum cross quantity parameter equal to the directed sell order's size; (l) responsive to determining that the directed sell order's size is greater than or equal to the best guarantee buy order's size: (l)(i) pulling retrieving by the computer computing system the best guarantee buy order; (l)(ii) setting by the computer computing system the maximum cross quantity parameter equal to the best guarantee buy order's size; (m) appending by the computer computing system a matched sell instruction to the directed sell order, wherein the matched sell instruction includes the directed cross price and maximum cross quantity parameters; (n) ranking by the computer computing system the best guarantee buy order in the internal book according to a price/time priority of the directed cross price parameter; and (o) presenting sending by the computer computing system the directed sell order to the internal book.
A method for matching directed sell orders in a market center uses a computer system with an internal order book and a guarantee order book containing guaranteed buy orders with prices and sizes. When a directed sell order is received, the system identifies the best (highest price) guaranteed buy order. It compares this to the national best bid (NBB). Based on market center rules, a directed cross price is set either to the guaranteed buy order's price or the NBB. If the sell order's price is at or below this cross price, and the cross price is no worse than the national best offer, the system determines the amount to be crossed, appends instructions, and posts the sell order with the matched buy interest to the internal book, ranking the guarantee order by time/price priority. If the directed sell order price is not met, the order is treated as a non-directed order.
4. A system, comprising: an internal book and a guarantee order book populated with a plurality of guarantee buy orders each having a price and size; at least one interface to a computer in a computing system for receiving orders, including directed orders; at least one memory for storing code for analyzing and matching directed orders in a posting market center; at least one computer computing system processor for configured to interacting with the interface to the computer computing system and executing the code for analyzing and matching directed orders, wherein the code, when executed: (a) receives a directed sell order having a price and size; (b) determines a best guarantee buy order, wherein the best guarantee buy order has the highest price of the plurality of guarantee buy orders; (c) retrieves a national best bid and offer; (d) determines whether the best guarantee buy order is higher than the national best offer; (e) responsive to determining that the best guarantee buy order is higher than the national best bid: (e)(i) determines whether the posting market center allows guarantee buy orders to execute at prices higher than the national best bid; (e)(ii) responsive to determining that the posting market center allows guarantee buy orders to execute at prices higher than the national best bid: (e)(ii)(a) sets a directed cross price parameter to the best guarantee buy order's price; (e)(iii) responsive to determining that the posting market center does not allow guarantee buy orders to execute at prices higher than the national best bid: (e)(iii)(a) sets the directed cross price parameter to the national best bid; (f) responsive to determining that the best guarantee buy order is not higher than the national best bid: (f)(i) sets the directed cross price parameter to the best guarantee buy order's price; (g) determines whether the directed sell order's price is less than or equal to the directed cross price parameter; (h) responsive to determining that the directed sell order's price is not less than or equal to the directed cross price parameter: (h)(i) processes the directed sell order as a non-directed sell order in the posting market center's continuous order matching process; (i) responsive to determining that the directed sell order's price is less than or equal to the directed cross price parameter: (i)(i) determines whether the directed cross price parameter is less than the national best offer; (i)(ii) responsive to determining that the directed cross price parameter is not less than the national best offer: (i)(ii)(a) determines whether the posting market center allows adjustment of the directed cross price parameter; (i)(ii)(c) responsive to determining that the posting market center does not allow adjustment of the directed cross price parameter: (i)(ii)(c)(i) processes the directed sell order as a non-directed sell order in the posting market center's continuous order matching process; (j) determines whether the directed sell order's size is greater than or equal to the best guarantee buy order's size; (k) responsive to determining that the directed sell order's size is not greater than or equal to the best guarantee buy order's size: (k)(i) retrieves a portion of the best guarantee buy order equal to the directed sell order's size; (k)(ii) sets a maximum cross quantity parameter equal to the directed sell order's size; (l) responsive to determining that the directed sell order's size is greater than or equal to the best guarantee buy order's size: (l)(i) retrieves the best guarantee buy order; (l)(ii) sets the maximum cross quantity parameter equal to the best guarantee buy order's size; (m) appends a matched sell instruction to the directed sell order, wherein the matched sell instruction includes the directed cross price and maximum cross quantity parameters; (n) ranks the best guarantee buy order in the internal book according to a price/time priority of the directed cross price parameter; and (o) presents sends the directed sell order to the internal book.
A market center system matches directed sell orders. It contains an internal order book and a guarantee order book of guaranteed buy orders. A computer receives directed sell orders and finds the best (highest price) guaranteed buy order and then compares it to the national best bid (NBB). A "directed cross price" is set: either the guaranteed buy order's price or the NBB, depending on market rules. If the sell order's price meets or is lower than the cross price, and the cross price is no worse than the national best offer, the system matches a portion of the guarantee order with the incoming directed sell order based on size. The combined order is placed into the internal book, with the matched buy order ranked by price/time priority. If the initial directed sell order price is not met or center rules do not permit, the order defaults to a regular, non-directed order.
5. The method of claim 1 , wherein the computer computing system is one or more programmed computers.
The method described in CLAIM 1, where a computer system matches directed buy orders using internal and guarantee order books, and the computer system executing this method is implemented using one or more programmed computers.
6. The method of claim 1 , wherein the computer computing system is distributed over several physical locations.
The method described in CLAIM 1, where a computer system matches directed buy orders using internal and guarantee order books, and the computer system executing this method is distributed across multiple physical locations.
7. The system of claim 2 , wherein the computer computing system is one or more programmed computers.
The system described in CLAIM 2, where a market center system matches directed buy orders using internal and guarantee order books and the computer system is one or more programmed computers.
8. The system of claim 2 , wherein the computing system is distributed over several physical locations.
The system described in CLAIM 2, where a market center system matches directed buy orders using internal and guarantee order books and the computing system is distributed across several physical locations.
9. The method of claim 3 , wherein the computer computing system is one or more programmed computers.
The method described in CLAIM 3, where a computer system matches directed sell orders using internal and guarantee order books, and the computer system executing this method is implemented using one or more programmed computers.
10. The method of claim 3 , wherein the computing system is distributed over several physical locations.
The method described in CLAIM 3, where a computer system matches directed sell orders using internal and guarantee order books, and the computer system executing this method is distributed across multiple physical locations.
11. The system of claim 4 , wherein the computing system is one or more programmed computers.
The system described in CLAIM 4, where a market center system matches directed sell orders using internal and guarantee order books and the computing system is one or more programmed computers.
12. The system of claim 4 , wherein the computing system is distributed over several physical locations.
The system described in CLAIM 4, where a market center system matches directed sell orders using internal and guarantee order books and the computing system is distributed across several physical locations.
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August 5, 2014
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